AUDUSD dropped below the 0.78 level today for the first time in three weeks. It hit a low of 0.7771, just below 0.7773, which is the 61.8% of the Fibonacci retracement level of the upleg from the April 2 low of 0.7532 to the May 14 high of 0.8162. Having tested this support level, the next support could come at the psychologically important 0.77 level.
With RSI drifting further below 50, a fall below this support is possible, but a further drop below 0.7532 is needed to enter bear territory. In the near term, the bias is more neutral as there is still some upside momentum with prices holding above the Ichimoku cloud and the Tenkan-sen remaining above the Kijun-sen. Without a more significant upside or downside momentum, AUDUSD will likely stay within its recent range in the near to medium term.